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NACHA to phase in same-day ACH transactions

March 19, 2014 – NACHA – The Electronic Payments Association announced Tuesday that it will be phasing in same-day automated clearinghouse network transactions providing new settlement windows for faster funds availability.

During its phased approach to implementation and to gather information for future rulemaking, NACHA is doing a study to assess industry cost and volume for same-day ACH transactions. NACHA said rulemaking could occur as early as this fall.

“NACHA has conducted extensive work over the past year to outline the parameters and requirements of a ubiquitous, same-day capability for the ACH Network that enables financial institutions, large and small, to provide value to their end-users,” said Janet Estep, president and CEO of NACHA. “A phased implementation enables us to introduce new capabilities more quickly, and then continue to build over time, creating value for all participants at each step along the way.”

NACHA said its first phase of implementation would enable same-day cases for payroll, person-to-person payments and expedited bill pay. The second phase, the group said, would introduce same-day consumer bill payments, including utility, mortgage, loan and credit cards. The third phase would improve service levels across the ACH network.